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While U Slept: Biz & Buz. Big 5 Business Stories Breaking Overnight. Monday, 07/12/10

July 12, 2010

EUROPEAN STOCKS SHOW MODEST GAINS As week opens, robust Chinese trade reassuring investors in Asia, but Europeans tentative ahead of US corporate results. (CNNMoney graphic)

LAWSUIT AGAINST APPLE AND AT&T CAN MOVE AHEAD AS CLASS ACTION Federal judge consolidates several suits filed by iPhone users against Apple Inc. and AT&T Inc.’s mobile phone unit against Apple’s practice of “locking” iPhone and its absolute control over applications. (AP)

REPORT: BP IN TALKS WITH US OIL FIRM FOR $10 BILLION IN ALASKAN ASSETS If Apache Corp buys stakes in BP’s vast Alaska operations, could help BP cope with the financial stress of paying for the clean-up of the Gulf oil spill. (WSJ)

BIG U.S. CORPORATIONS POISED TO REPORT STRONG PROFITS The corporate earnings season begins in earnest today, and major corporations are expected to report some of their strongest profits in years, which may be clearest sign that real recovery is at hand. (NYT)

TOYOTA, TESLA SET TO JOINTLY DEVELOP BATTERY-POWERED MODELS Toyota, world’s largest seller of hybrid cars, to receive two prototypes of RAV4 and Lexus RX crossovers for the battery-powered models with Tesla. (Bloomberg)

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